Available data can be used for business growth
News Agency / New Delhi
The government is working to change the Goods and Services Tax (GST Law) and UPI, Aadhaar and similar public platforms and the available data can be used by businesses to expand their businesses, said Jayant Sinha, Chairman of the Standing Parliamentary Finance Committee. .
UPI and Aadhaar are very important public platforms. There is still a lot of work to be done to maximize the use of these platforms for a business leap, Sinha said at a conference hosted by Assocham on financing non-bank financial companies and infrastructure projects.
When the factoring bill was submitted to the Standing Committee on Finance for consideration, the government was of the view that non-bank financial companies should be allowed to “factor” and include them in the service, as well. as the potential income of a business. But in doing so, the issues with some key platforms and their data usage issues have yet to be addressed, Sinha said.
Any change requires statutory support through legislation. However, under applicable law, the use of data under the GSTN computer network (GST Network) is not permitted for any other purpose.
If the GST receipt is to be used for financing through the automated “merchants” system, changes in the laws of the state, not just the Center, will be required, Sinha said.
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